Explorer Freezes a Minute After Logging In

Hi,
I run Windows XP SP2. I've had this problem a couple times in the past, but rebooting the computer always seemed to take care of it, which it doesn't this time.

A little while after logging in, like a minute or two, my computer will freeze. I can still move the mouse, but nothing is clickable at all.
The computer boots completely fine in Safe Mode With Networking, and will not freeze at all.
I tried disabling all services except the Microsoft ones and all startup programs, but I still get the same results. (Done using msconfig)
I scanned using AVG and Spybot which did not lead me to anything at all.